Word has it that the company will not use the annual showcase to unveil a new Nexus 5 device, but will make the Nexus 4 its standard bearer for the as-yet-unannounced Key Lime Pie OS.
Alongside an LTE radio and OS refresh the new iteration of the handset will also have 32GB of internal storage, compared with just 8GB and 16GB on the original Nexus 4 model, if the rumours are substantiated at next month's event.
It wouldn't be hugely surprising of Google went down this route, rather than pushing a brand new handset.
Online chatter has been surprisingly quiet regarding a new Nexus 5, while the Nexus 4 was only launched in October last year.
The company decided to make the hi-spec device available from just £229, less than half the price of other top-of-the-range Android handsets from Samsung and LG.
However, a myriad of supply problems, resulting from an underestimated level of demand, has meant less folks have gotten their hands on the device than intended.
If the new Nexus 4 is the flagship Android 5.0 handset, completely unskilled and running pure Android, complete with 4G LTE connectivity and enough stock to keep everyone happy, then it'll certainly feel new again.
Google is yet to officially announce the Android 5.0 operating system, but the I/O developer conference has become synonymous with the annual software update.
The company is also rumoured to be announcing an all-encompassing Babel messaging service at the conference, while new Nexus tablet hardware may also be on the agenda.
Just yesterday we brought news that the company may be working on a gaming app to rival Apple's Game Center, complete with real-time multi-player, global leaderboards, turn-based notifications and more.
We can also expect to hear a lot more about the public availability of Google Glass during the event, which kickstarts on May 15.